Dealmaker: Berkadia Arranges $87M for Office, Multifamily

(6600 North Military Trail, Boca Raton, Fla.)

Berkadia, New York, arranged $87 million in debt and equity for a Florida office property and an Arizona apartment community.

In Boca Raton, Fla., secured a $63 million loan for BH Group & Pebb Enterprises’ to purchase a 650,000-square-foot office building for $104 million. A bank provided a $63 million fixed-rate loan. Berkadia Managing Directors Scott Wadler, Brad Williamson and Matt Robbins, Senior Managing Directors Jaret Turkell and Mitch Sinberg and Vice President Michael Basinski teamed up on the transaction.

“The sponsors have demonstrated great foresight and strategic relationships as they work to transform this property into a more dynamic mixed-use campus in the heart of Boca Raton,” Wadler said. “The Boca Raton market has limited new office space which should lead to a timely lease up.”

Located at 6600 North Military Trail, the building delivered in 2008 on a 28.9-acre site to serve as corporate headquarters for Office Depot. Located five minutes west of I-95, it sits adjacent to The Old Course at Broken Sound and The Park at Broken Sound, close to Lynn University and Florida Atlantic University. Office Depot will continue to occupy nearly half of the building. The sponsors plan to lease the remaining vacant office space.

In Mesa, Ariz, Berkadia secured $24 million of preferred equity for Bela Flor Communities to recapitalize Bella Victoria, a 236-unit garden-style apartment community.

Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital arranged the equity on top of an existing fixed-rate loan from New York Life Insurance Co.

Located at 1350 South Ellsworth Road, Bella Victoria has two- and three-bedroom floor plans with nine-foot ceilings, private patios and balconies.